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Russia – Draft law on cross-border payments in cryptocurrency

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The current interest of Russia for cryptocurrencies should not be confused too quickly with an adoption. For before being between a rock and a hard place after its invasion of Ukraine, the issue was very clearly filed away in the drawer of indiscriminate repression. But adversity makes possible a rapprochement that would not have been possible in times of relative calm. That is why a bill has just been passed. This is for enable cross-border payments.s using these digital currencies, without falling into regulatory laxity….

The stormy relationship between the Russian government and cryptocurrencies. looks like a season of more than one bad series. With, in the last episode, a rather strategic love expressed towards this digital economy. Just to escape international sanctions. which was put in place after its invasion of Ukraine earlier this year. And since then, the recurring question of when and how this alternative could be implemented.

Russia – Cross-border payments in cryptocurrencies.

A procedure that one sometimes wonders if it is only used to piss off the members of the international coalition behind the sanctions issued. But clearly, Russia needs to find a way to make cross-border payments.. That is why this option, which at the beginning of the month was still theoretical, has now taken the form of a real bill. And this happened at the XIX International Banking Forum entitled: “Russia’s banks in the 21st century”.

We now have a draft law on this issue, already broadly agreed with the Central Bank. It describes in a general way how to acquire a cryptocurrency, what can be done with it and how it can be used as a means of payment, mainly in cross-border settlements. “

Alexei Moiseev, Russian Deputy Minister of Economy.

Of course, no further details available. So we will have to make do with this one statement of Russia’s intentions in this matter. At the same time, the issue of cryptocurrency mining has also been addressed. With the prospect of a draft law “on the need to regulate mining” on the Russian territory. And obviously the trend is likely to be much less favorableas it is not of strategic interest to the Russian government.

Should we welcome this decision by Russia To use cryptocurrencies to make cross-border payments. ? From a purely practical point of view, yes, to the extent that it confirms without a doubt the ability of cryptocurrencies to resist censorship.. But, at the same time, how can we rejoice that a country with a bellicose behavior and relative democracy benefits from this advantage? It is difficult to be satisfied with a simple: it is the code, my poor Lucette!

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